TD Cowen Issues Pessimistic Forecast for Par Pacific (NYSE:PARR) Stock Price

Key Points

• TD Cowen has lowered its price target for Par Pacific (NYSE:PARR) from $35.00 to $33.00, while maintaining a "buy" rating, indicating a potential upside of 21.33% from the company's previous close.
• Several other investment firms, including Goldman Sachs and UBS, have recently downgraded their ratings on Par Pacific, with Goldman Sachs lowering its target to $19.00 and UBS to $14.75.
• Par Pacific reported strong quarterly earnings, exceeding analyst expectations with $1.54 earnings per share, despite a year-over-year revenue decline of 6.2%.

Par Pacific (NYSE:PARR - Free Report) had its target price reduced by TD Cowen from $35.00 to $33.00 in a research report released on Thursday morning, Marketbeat reports. TD Cowen currently has a buy rating on the stock.

Several other research analysts have also commented on the stock. Raymond James Financial set a $38.00 price objective on shares of Par Pacific and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Mizuho set a $34.00 target price on shares of Par Pacific and gave the company a "neutral" rating in a research note on Friday, July 11th. UBS Group lowered their target price on shares of Par Pacific from $20.00 to $14.75 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Piper Sandler upped their price objective on shares of Par Pacific from $26.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, The Goldman Sachs Group lowered shares of Par Pacific from a "buy" rating to a "neutral" rating and set a $19.00 price objective for the company. in a research note on Wednesday, May 28th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $28.96.

Par Pacific Price Performance

PARR traded up $0.07 during trading hours on Thursday, hitting $27.37. The company's stock had a trading volume of 188,596 shares, compared to its average volume of 1,377,169. The business's 50-day moving average price is $28.64 and its 200-day moving average price is $20.25. Par Pacific has a 12 month low of $11.86 and a 12 month high of $35.32. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -97.93 and a beta of 1.83. The company has a current ratio of 1.42, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97.

Par Pacific (NYSE:PARR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $1.54 EPS for the quarter, topping the consensus estimate of $0.74 by $0.80. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.47 billion. Par Pacific had a negative net margin of 0.25% and a negative return on equity of 1.79%. Par Pacific's quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 earnings per share. Sell-side analysts expect that Par Pacific will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Par Pacific

Large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in Par Pacific by 175.9% in the second quarter. Farther Finance Advisors LLC now owns 1,181 shares of the company's stock worth $31,000 after purchasing an additional 753 shares in the last quarter. Parallel Advisors LLC boosted its position in Par Pacific by 232.9% in the 2nd quarter. Parallel Advisors LLC now owns 1,325 shares of the company's stock worth $35,000 after purchasing an additional 927 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Par Pacific by 157.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,596 shares of the company's stock worth $42,000 after purchasing an additional 976 shares in the last quarter. Sterling Capital Management LLC boosted its position in Par Pacific by 821.5% in the 4th quarter. Sterling Capital Management LLC now owns 1,714 shares of the company's stock worth $28,000 after purchasing an additional 1,528 shares in the last quarter. Finally, Signaturefd LLC boosted its position in Par Pacific by 70.2% in the 1st quarter. Signaturefd LLC now owns 2,391 shares of the company's stock worth $34,000 after purchasing an additional 986 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors.

About Par Pacific

Par Pacific Holdings, Inc owns and operates energy and infrastructure businesses. The company operates through Refining, Retail, and Logistics segments. The Refining segment owns and operates refineries that produce gasoline, distillate, asphalt, and other products primarily for consumption in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana.